ICO Frauds Attracted Over $1 Billion

May 24, 2018

Large investors and crypto enthusiasts know for a fact of the so called “shitcoins”. Wall Street Journal supposes, however, the number of fraudulent cryptocurrencies available today can be much higher that considered to be before.

Among 1450 analyzed tokens the documents of 271 have been revealed to contain plagiarism in addition to fake teams or vivid characteristics of financial pyramids.

Moving on, most of white papers describing technologies and applications of the project were copied from other projects including names of team members. What is more, projects plagiarized marketing plans, security functions and developer notes.

As reported, freelancers offer their services on writing documents for ICO for $100. Usually, they have some kind of draught that they make use of regularly.

Despite experienced investors constantly reminding the necessity in scrupulous study of the project before investing, the 271 projects have raised over $1 billion. Provided all this some of them keep on raising funds.